Union Minister of Commerce & Industry attends the ministerial meeting of Indo-Pacific Economic Framework for Prosperity (IPEF)

Posted 15 Mar 2024

2 min read

Key highlights
- Announced New effort under the Clean Economy pillar:
  - Four new Cooperative Work Programs focusing on carbon markets, clean electricity, employment shifts in the move to clean energy, and sustainable aviation fuels.
  - Details on the IPEF Catalytic Capital Fund: Established in collaboration with Private Investment Development Group for climate infrastructure projects in IPEF economies.
- Published details text of key agreements

Agreements	Highlight of the text
Agreement on IPEF	Establishes two ministerial-level bodies that will meet annually: IPEF Council: To consider matters affecting the collective operation of the IPEF agreements and Framework including accession of new members; and Joint Commission: To monitor the work under Pillars II-IV
Clean Economy Agreement	Defines the scope of the agreement Calls for partnership with its Indigenous people to enhance efforts to transition to clean economies. Recognizes important role of nuclear energy and civil nuclear cooperation in ensuring energy security.
Fair Economy Agreement	Defines scope of the agreement Clarifies that this Agreement shall not affect the rights or obligations of a Party under any other agreement including UNCAC (United Nations Convention against Corruption) and UNTOC (United Nations Convention against Transnational Organized Crime). Calls for International Cooperation for identification, freezing, and confiscation of proceeds of crime derived from offences established as per the UNCAC.

About IPEF

Launched in 2022 under the leadership of US.
Seeks to strengthen economic engagement among partner countries to advance growth, peace and prosperity in the Indo-Pacific region.
structured around four pillars: Trade (Pillar I), Supply Chains (Pillar II), Clean Economy (Pillar III), Fair Economy (Pillar IV)
India has joined Pillars II to IV of IPEF while it has an observer status in Pillar-I.